"Due to tough trading conditions over the Christmas period which saw significant discounting across the market, Mulberry has experienced lower than expected U.K. retail sales, which, together with wholesale order cancellations from Korea, will adversely impact our profit this year," the brand's chief executive Bruno Guillon told
WWD.

No reason has been given for the wholesale order cancellations from Korea, but it is expected that they will pull the company's wholesale sales for the year approximately down 10 per cent in comparison with last year.

On a positive note, international retail sales were up 40 per cent, something which Guillon insists demonstrates the brand's "continued growth in international retail sales."

Shares plunged 22 per cent after the alert. The warning comes after a turbulent few months for the brand, which have seen creative director Emma Hill leave after six years at the helm. She is yet to be replaced.